Baird: Research Analysts Honored by the Wall Street Journal

For additional information contact:

Bob Venable, Research Director

414-765-3845

[email protected]

Angela Pittman, Public Relations Coordinator

414-298-1902

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Baird also recognized on Forbes.com/StarMine list of best equity analysts

MILWAUKEE, May 16, 2005 – Research Analysts at Robert W. Baird & Co. (Baird) are well-represented in The Wall Street Journal’s “Best on the Street 2005 Analysts Survey” released May 16. Five Baird analysts won six “Best on the Street” awards, a record for Baird. Those honored include one analyst who ranked first among analysts in his industry group and another who is listed among the top analysts in two distinct industry sectors. Baird analysts were also recognized in the 2004 Forbes.com/StarMine list of best equity analysts released May 2.

“Best on the Street”

The Wall Street Journal’s “Best on the Street 2005 Analysts Survey” recognizes the top five analysts in 44 industry sectors, based on their performance during 2004. Analysts were selected for their recommendation-performance scores, which are based on the estimated return, including price changes and dividends, an investor would have achieved by following the analyst’s recommendations, and on the number of stocks the analyst covered in a particular industry.

“Having five analysts recognized for their research capabilities is a testament to Baird’s focus on fundamental research,” said Bob Venable, Director of Research. “We are particularly pleased by our strong showing, which underscores the emphasis we place on quality and objectivity.”

In his third appearance on the survey, Baird Research Analyst Mark Bacurin ranked No.1 out of 21 analysts in the Advertising & Publishing sector. This is the second consecutive year in which Bacurin has ranked first — last year he topped the General Industrial Services sector. Research Analyst Richard Eastman ranked among the top analysts in both the Electronic & Electrical Equipment and Heavy Machinery sectors. This is Eastman’s fourth consecutive year on the “Best on the Street” list. Research Analyst George Gaspar, who retired at the end of 2004 after a 38-year career, marked his fifth time on the list ranked among the top analysts in the Oil Equipment & Services sector.

Also included among the top five in their respective industries were William Power in the Telecommunications: Mobile sector, recognized on the survey for the fourth time; and Aaron Geist in the Medical Equipment sector.

In terms of the total number of analysts named “Best on the Street” Baird ranked 10th out of 73 research houses overall. Among the top 10 awarded firms, Baird ranked third in terms of the firm’s batting average, which is the number of awards received divided by the number of eligible analysts.

Baird Analysts recognized by Forbes.com, StarMine as Top Analysts

Six Baird analysts also received high marks in the 2004 Forbes.com/StarMine best equity analysts list. The May 2 report recognized the top three analysts in 53 industries based on an analysis of 2004 data that determined which research analysts’ stock picks realized the largest overall and industry-to-industry gains, and which analysts’ earnings estimates were the most accurate.

Two Baird analysts recognized among the top three in their industries for their stock-picking skill include Aaron Geist, who ranked No. 1 in Health Care Equipment & Supplies, and Richard Eastman in Machinery.

Recognized among the top three in their industries for their accuracy in estimating earnings were Robert McCarthy, who ranked No. 1 in Machinery and is on the list for the second consecutive year; Craig Kennison in Automobiles; Timothy Byrne in IT Services and David Manthey in Trading Companies & Distributors.

About Baird

Baird, established in 1919, is an employee-owned international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Baird’s principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird’s U.S. private equity operations.

Committed to being a great place to work, Baird is one of FORTUNE magazine’s “100 Best Companies to Work For” in 2005 and was also included on the magazine’s 2004 list. Robert W. Baird & Co. is a member of the New York Stock Exchange and other principal exchanges and the Securities Investor Protection Corporation (SIPC). Robert W. Baird Ltd., a member of the London Stock Exchange, and Granville Baird Capital Partners Ltd. are authorized and regulated in the United Kingdom by the Financial Services Authority. For more information, please visit Baird’s Web site at www.rwbaird.com.